Chinese apparel maker and retailer Baoxiniao has announced plans to raise up to CNY800 million finance for the opening of 178 new stores by issuing new shares.
According to a report published by the company, its application for the public offering of A-shares has been approved by the Issuance Examination Committee of China Securities Regulatory Commission.
Under the plan announced in July 2009, Baoxiniao will issue no more than 65 million new shares to raise up to CNY800 million. The capital raised will be used to open new stores and to further enhance the construction of the company's marketing network. These new stores, including 18 image stores, 80 sales centers, and 80 fashion stores, are expected to add 46,400 square meters to the company's total sales area.
As at the end of June 2009, Baoxiniao had opened 668 outlets, including 73 fashion stores under the brand of Saint Angelo.